Dime Supers & Tax Reporting/Withholding (From 10/15 ATR question)

#1 10-15-2009, 08:32 AM

This is correct that anything over $601 on a dime super will be an IRS ticket. Also if the dime pays $121 and you have a single ticket for 50 cents(5 dimes) it will be an IRS ticket. Always get the dime supers in single dime tickets, then punch it multi times to avoid the IRS.

Kasept · #2 10-15-2009, 08:33 AM

Quote:

Originally Posted by arizonadave

This is correct that anything over $601 on a dime super will be an IRS ticket. Also if the dime pays $121 and you have a single ticket for 50 cents(5 dimes) it will be an IRS ticket. Always get the dime supers in single dime tickets, then punch it multi times to avoid the IRS.

THX Dave!

NTamm1215 · #3 10-15-2009, 08:42 AM

I've also noticed that if you have a set of tickets on some ADWs that totals an amount that's taxable then you are now being given a W-2. For example, if you have a Pick 4 that pays $340 for $1 but you have it 3 times then you are being given a W-2G for $1020. Perhaps this was going on for a while and my poor wagering kept me from learning it!

NT

#4 10-15-2009, 08:54 AM

Quote:

Originally Posted by NTamm1215

I've also noticed that if you have a set of tickets on some ADWs that totals an amount that's taxable then you are now being given a W-2. For example, if you have a Pick 4 that pays $340 for $1 but you have it 3 times then you are being given a W-2G for $1020. Perhaps this was going on for a while and my poor wagering kept me from learning it!

NT

as most know, here in AZ we cant bet online so its off to the track or the many OTBs we have here. this gives us the chance to bet without someone,like a ADW, to do this.

jwkniska · #5 10-15-2009, 10:07 AM

Quote:

Originally Posted by NTamm1215

I've also noticed that if you have a set of tickets on some ADWs that totals an amount that's taxable then you are now being given a W-2. For example, if you have a Pick 4 that pays $340 for $1 but you have it 3 times then you are being given a W-2G for $1020. Perhaps this was going on for a while and my poor wagering kept me from learning it!

NT

you're right. don't cash them together at a track either, or they can give you a W2-G too.

best way to avoid is to punch multiple tickets for min bet and cash them seperately (easier to do at the track).

dellinger63 · #6 10-15-2009, 10:26 AM

Quote:

Originally Posted by jwkniska

you're right. don't cash them together at a track either, or they can give you a W2-G too.

best way to avoid is to punch multiple tickets for min bet and cash them seperately (easier to do at the track).

or convert them to vouchers at a machine and then go cash.

jwkniska · #7 10-15-2009, 12:41 PM

Quote:

Originally Posted by dellinger63

or convert them to vouchers at a machine and then go cash.

great point!

Buckpasser · #8 10-15-2009, 01:01 PM

bottom line is the gov't sucks. These IRS figures are way out of date and belonged to a different era. The taxable amounts should be raised significantly.

Gate Dancer · #9 10-15-2009, 08:41 AM

Quote:

Originally Posted by arizonadave

This is correct that anything over $601 on a dime super will be an IRS ticket. Also if the dime pays $121 and you have a single ticket for 50 cents(5 dimes) it will be an IRS ticket. Always get the dime supers in single dime tickets, then punch it multi times to avoid the IRS.

Steve Crist in 'Exotic Betting' also makes it very clear to buy the lowest denomination possible when betting any multirace wager or take advantage of .50 cent tri's and .10 supers when possible and get multiple tickets.